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Onto Innovation Reports Strong Q4 and FY 2023 Earnings, Guides Within Expectations for Q1 2024

By Don Francis, Editor
February 10, 2024 11:27 AM UTC
Onto Innovation Reports Strong Q4 and FY 2023 Earnings, Guides Within Expectations for Q1 2024

Benchmark's Mark Miller raised their price target on Onto Innovation (NYSE: ONTO) by 24.1% from $145 to $180 on February 9th, 2024. The analyst maintained their Strong Buy rating on the stock.

Onto Innovation, a company that designs, develops, manufactures, and supports process control tools for semiconductor and advanced packaging device manufacturers, recently reported its earnings for the fourth quarter and fiscal year 2023. The quarter delivered upside and management guided within expectations for Q1 2024, according to Miller.

In the fourth quarter of 2023, Onto Innovation reported earnings per share (EPS) of $1.06, beating the Zacks Consensus Estimate by 7.1%. However, it fell short of Q4 2022's EPS of $1.57 by 32.5%. Revenue for the quarter was $218.9 million, surpassing the Zacks Consensus Estimate by 5.2%, but it declined by 13.6% compared to Q4 2022's revenue of $253.3 million.

For the fiscal year 2023, Onto Innovation reported EPS of $3.73, representing a 32.4% year-over-year decrease. Revenue for the year was $815.87 million, down 18.8% compared to the previous year.

Looking ahead to the first quarter of 2024, Onto Innovation's management guided for an EPS range of $1.00 to $1.20 and revenue between $215 million and $230 million. CEO Michael Plisinski commented on the company's performance and future prospects, stating, "Onto Innovation finished the year strongly, as we supported a surge in demand for Dragonfly systems and delivered several metrology systems for potential new applications in the AI packaging space."

Following Onto Innovation's quarterly report, B. Riley Securities analyst Craig Ellis also issued an update on February 9th, 2024. Ellis raised the price target on ONTO by 5.1%, from $195 to $205, while maintaining their Strong Buy rating on the stock.

It is worth noting that all of the top-rated analysts currently rate ONTO as a Strong Buy or Buy. None of the analysts consider it a Hold, and there are no recommendations to sell the stock.

Since the release of Onto Innovation's latest quarterly report on February 8th, 2024, the stock price has increased by 9.3%. Year-over-year, the stock has shown an impressive gain of 117.6%. During this period, ONTO has outperformed the S&P 500, which has seen a 23.2% increase.

Benchmark analyst Mark Miller, the individual who raised the price target on ONTO, is highly regarded in the industry. WallStreetZen ranks Miller in the top 5% out of 4,470 Wall Street analysts, with an average return of 25.9% and a win rate of 57.9%. Miller specializes in the Healthcare, Technology, and Industrials sectors.

Onto Innovation Inc., formerly known as Rudolph Technologies, Inc., was founded in 1940 and is headquartered in Wilmington, Massachusetts. The company provides process and yield management solutions to semiconductor and advanced packaging device manufacturers, offering tools for macro-defect inspection, lithography, and process control analytical software. a track record of outperforming the market, Onto Innovation continues to position itself as a leader in the semiconductor and advanced packaging industry.

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